SMITH STATEMENT ON INTEREST RATE CUTS AND FED'S FAILURE TO ACT SOONER

The following information was released by the Committee on Ways and Means:

Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the Federal Open Market Committee announced its decision to lower the benchmark rate by 25 basis points:

"Finally. The Fed appears to be waking up to reality, but unfortunately their delay has already harmed working families. Recent data showed 911,000 fewer jobs were created at the backend of the Biden presidency than originally understood, revealing the weak economy that President Trump inherited from Joe Biden. The Fed's overly restrictive policy, along with Democrats' crazy spending, blocked families from becoming homeowners and small businesses from expanding and creating jobs.

"President Trump is right that rates should have been cut before today's meeting and that families needed tax relief after four years of bad policy coming out of Washington. The recently enacted tax cuts for working families could not be more timely and necessary. Pro-growth tax relief will ignite an economic boom and create jobs for American workers and families. More than 7 million new jobs are projected to be created, including 1 million annually by Main Street alone. Americans will benefit from no tax on Social Security, no tax on tips, no tax on overtime, a bigger Child Tax Credit, a boosted standard deduction, and additional help for health and educational expenses to name just a handful of the many tax cuts that will benefit working families. President Trump and Republicans have put families and the economy on the right path."